Cenovus Energy (TSE:CVE) Price Target Raised to C$42.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective boosted by analysts at Royal Bank Of Canada from C$32.00 to C$42.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 18.01% from the stock’s current price.

CVE has been the subject of a number of other research reports. Morgan Stanley lowered their target price on shares of Cenovus Energy from C$31.00 to C$29.00 in a research note on Friday, January 23rd. Scotiabank lifted their target price on shares of Cenovus Energy from C$30.00 to C$34.00 and gave the stock an “outperform” rating in a research note on Friday, February 20th. Jefferies Financial Group lifted their target price on shares of Cenovus Energy from C$30.00 to C$37.00 in a research note on Monday, March 16th. Raymond James Financial lifted their target price on shares of Cenovus Energy from C$33.00 to C$42.00 in a research note on Monday, March 30th. Finally, Veritas raised shares of Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of C$36.17.

Cenovus Energy Trading Down 5.8%

Shares of TSE:CVE traded down C$2.19 during mid-day trading on Wednesday, reaching C$35.59. 4,885,017 shares of the company’s stock were exchanged, compared to its average volume of 10,029,374. The firm has a market capitalization of C$66.88 billion, a price-to-earnings ratio of 16.55, a PEG ratio of 0.09 and a beta of 0.07. The business’s fifty day moving average price is C$31.69 and its 200-day moving average price is C$26.86. The company has a debt-to-equity ratio of 53.80, a quick ratio of 1.00 and a current ratio of 1.57. Cenovus Energy has a twelve month low of C$14.48 and a twelve month high of C$38.50.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Thursday, February 19th. The company reported C$0.50 EPS for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The company had revenue of C$10.88 billion for the quarter. On average, research analysts predict that Cenovus Energy will post 2.2619279 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of Cenovus Energy stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of C$35.13, for a total value of C$360,960.75. Following the completion of the sale, the insider directly owned 2,114 shares of the company’s stock, valued at approximately C$74,264.82. The trade was a 82.94% decrease in their ownership of the stock. Company insiders own 32.03% of the company’s stock.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.